×The basic principles and concepts of contract law include:
- Formation: making a contract
- Consideration in contract law
- Privity of Contract
- Variations: Changing legally binding contracts
- Novation: Assignment - Transfer of Contractual Rights
- Entire Contracts and Divisible Contracts
- Termination: How Contracts End
- Intention to create Legal Relations
- Offer and Acceptance
- Lawful Consideration
- Capacity of the involved parties
- Free Consent
- Object of the contract must be legal
,The basic principles of contract law include:
Formation - making a contract Consideration in contract law Privity of Contract Variations: Changing legally binding contracts Novation: Assignment - Transfer of Contractual Rights Entire Contracts and Divisible Contracts Termination: How Contracts EndGeneral
principles in the formation of a
Contract involves – Intention to create Legal Relations. Offer and Acceptance. Lawful Consideration. Capacity of the involved parties. Free Consent. Object of the
contract must be legal.A contract is an agreement between parties, creating mutual obligations that are enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are:
mutual assent, expressed by a valid offer and acceptance; adequate consideration ; capacity; and legality.
